EAAIF and Ninety One acted as Global Mandated Lead Arranger and Coordinating Lender for MENA region’s first Sustainable Aviation Fuel (“SAF”) plant
LONDON, 6 May 2026 – The Emerging Africa & Asia Infrastructure Fund (EAAIF), a Private Infrastructure Development Group (PIDG) company managed by Ninety One, today announced a senior secured loan of USD 40 million to support the development of Egypt’s first Sustainable Aviation Fuel (SAF) production facility. This landmark transaction marks the development of the first project-financed SAF plant in Africa and the Middle East.
The USD 212.4 million project, located in the Sokhna Special Economic Zone, will be owned and operated by Green Sky Capital Limited and its local subsidiary, SAF Fly Egypt. The facility is designed to produce 200,000 tonnes per annum of biofuels, including SAF, Hydrotreated Vegetable Oil (“HVO”), bio-propane and bio-naphtha and will utilise commercially proven Hydroprocessed Esters and Fatty Acids (HEFA) technology to convert waste-based feedstock into high-grade sustainable fuel. To ensure long-term bankability, the transaction will be anchored by Shell who will purchase the facility’s products on a take-or-pay basis and act as its primary feedstock provider.
The project is being developed with the support of leading regional sponsors, including Al Mana Holding, a leading Qatari diversified conglomerate, and Vision Invest, a leading Saudi Arabian infrastructure investor and developer, each with strong track records in delivering large-scale infrastructure and energy projects across the region.
Ninety One acted as the global mandated lead arranger (MLA) and coordinating lender, facilitating the mobilisation of a total debt package of USD 142.9 million with a USD 40 million commitment from EAAIF and Ninety One’s Emerging Markets Transition Debt (EMTD) Fund. Ninety One has also mobilised the participation of Qatar National Bank (QNB) via its Egyptian subsidiary, QNB S.A.E, with a commitment of up to USD 31.4 million. The debt financing was completed by The Arab Energy Fund, who acted as co-MLA and global structuring lender committed USD 71.4 million to the Project. The transaction demonstrates strong appetite among regional and international lenders for renewable fuels infrastructure, supporting both energy security and price stability amid heightened global volatility.
The pioneering SAF investment underlines EAAIF’s growth into the MENA region, following its ongoing expansion into Asia, and highlights the Fund’s ability to structure robust, transformative projects that meet international ESG standards while delivering attractive risk-adjusted returns. It also aligns directly with PIDG’s sustainability mandate and Ninety One’s EMTD strategy, both centred on catalysing the energy transition in emerging markets through innovative financing. SAF is estimated to offer up to an 80% reduction in CO₂ emissions, compared to conventional jet fuel, supporting the aviation industry’s target of reaching net-zero by 2050. Furthermore, the project’s strategic location near the Suez Canal offers a direct export route to key demand centres in the EU and UK, which are currently implementing strict SAF mandates.
Martijn Proos, Co-Head of Emerging Market Alternative Credit, Ninety One, the fund manager of EAAIF, said: “This transaction arrives at a critical juncture for the global energy market. Amid heightened geopolitical volatility and energy market uncertainty, this first-of-its-kind facility provides a practical solution to advancing both decarbonisation and energy security. By acting as the Global MLA, Ninety One and EAAIF are demonstrating how institutional capital can be mobilised to support the decarbonisation of hard-to-abate sectors like aviation, which is projected to account for 5% of global emissions by 2050 without intervention.”
Alper Kilic, Head of Alternative Credit, Ninety One: “Emerging markets have been transitioning toward renewables and cleaner energy sources for some time, driven by rising energy costs and the need to strengthen energy security. This investment highlights the critical role long-term capital plays in scaling next-generation energy infrastructure in emerging markets. Sustainable aviation fuel is one of the most compelling – and challenging – decarbonisation pathways, requiring proven technology and strong commercial structures to deliver at scale. This project demonstrates how institutional investors can pursue attractive risk-adjusted returns while supporting the real-economy transition, and underscores the growing opportunity for transition debt strategies to finance high-impact assets in hard-to-abate sectors.”